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RSI with BB for Amibroker (AFL)
Rating:
4 / 5 (Votes 4)
Tags:
oscillator, amibroker, bands
Instead of using RSI 70/30 levels it is more accurate to use it with the Bollinger Bands. This formula draws Bollinger Bands also draw lines for 70/30 levels. This is a working progress, I am planning to add Divergence arrows to the same formula in future.
Indicator / Formula
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_SECTION_BEGIN("RSI-BB");
T1=Param("RSI Period",14,1,200,1);
T2=Param("BBand Period",50,1,200,1);
T3=Param("BBand Standard Deviations",2.1,1,5,0.1);
fn1=RSIa(C,T1);
fn2=BBandBot(fn1,T2,T3);
fn3=BBandTop(fn1,T2,T3);
Plot(fn1,"RSI",colorGreen);
Plot(fn2,"BBBot",ParamColor( "Color", colorCycle ),ParamStyle("Style", styleLine ));
Plot(fn3,"BBTop",ParamColor( "Color", colorCycle ),ParamStyle("Style", styleLine ));
_SECTION_END();
_SECTION_BEGIN("RSI-70");
Plot(70, "RSI", ParamColor( "Color", colorGreen ), ParamStyle("Style", styleDashed ));
_SECTION_END();
_SECTION_BEGIN("RSI-50");
Plot(50, "RSI", ParamColor( "Color", colorLightGrey ), ParamStyle("Style", styleDashed ));
_SECTION_END();
_SECTION_BEGIN("RSI-30");
Plot(30, "RSI", ParamColor( "Color", colorRed ), ParamStyle("Style", styleDashed ));
_SECTION_END();
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not good …